BRANFORD, Conn. - Sachem Capital (NYSE:SACH) Corp. has announced the appointment of Jeffery C. Walraven to its Board of Directors, effective last Monday. Walraven, who is also slated for election at the company's 2024 Annual Meeting of Shareholders, brings extensive experience in real estate and public company leadership to the mortgage REIT.
John L. Villano, CEO and Chairman of Sachem Capital, expressed confidence in Walraven's abilities to contribute to the company's growth and shareholder value creation, citing his deep industry experience. Walraven's background includes co-founding and serving as Chief Operating Officer of Freehold Properties, Inc., and holding an independent director and audit committee member role at Broad Street Realty, Inc. (OTCQX: BRST) since 2023. His previous roles also include Executive Vice President and Chief Financial Officer of MedEquities Realty Trust, Inc., and various leadership positions at BDO USA, LLP.
Brian Prinz, independent director and Chair of the Nominating and Corporate Governance Committee, highlighted Walraven's public company accounting and corporate finance expertise as aligning with the qualities sought for in a new independent Board member.
Sachem Capital specializes in originating, underwriting, funding, servicing, and managing a portfolio of first mortgage-secured loans. The company focuses on short-term, nonbanking loans for real estate investors, emphasizing a conservative loan to value ratio. In addition to lending, Sachem Capital occasionally makes opportunistic real estate purchases.
The company has filed a Current Report on Form 8-K with the SEC, which provides further details on the appointment. This news is based on a press release statement from Sachem Capital Corp .
InvestingPro Insights
As Sachem Capital Corp. welcomes Jeffery C. Walraven to its Board of Directors, it's pertinent to consider the financial health and market performance of Broad Street Realty, Inc. (OTCQX: BRST), where Walraven has played a significant role. The real-time data from InvestingPro paints a detailed picture of BRST's current market position.
InvestingPro data indicates that BRST has experienced a high return over the last year, which aligns with Walraven's history of contributing to shareholder value. Specifically, the company has seen a notable price uptick of 157.37% over the last month. While this is a significant surge, it's important to note that the company's six-month and year-to-date price total returns have seen declines of 67.8% and 78.89%, respectively, illustrating a volatile market performance.
From a valuation standpoint, BRST is trading at a low P/E ratio relative to near-term earnings growth, with an adjusted P/E ratio of -0.4 as of the last twelve months ending Q2 2024. This could suggest that the stock is undervalued in terms of its earnings potential. Additionally, the company is trading at a high Price / Book multiple of 0.72, which may reflect investor confidence in the underlying asset value of BRST, despite recent market fluctuations.
InvestingPro Tips also highlight that BRST stock often moves in the opposite direction of the market, which could be a consideration for investors seeking diversification or counter-cyclical assets in their portfolios. Furthermore, with Walraven's expertise in public company accounting and corporate finance, his influence may further shape BRST's strategic decisions and financial management.
For those interested in a deeper analysis, InvestingPro offers additional insights on BRST, including more InvestingPro Tips to guide potential investment decisions. There are currently 11 tips available on the InvestingPro platform, providing a comprehensive analysis for investors.
As Sachem Capital continues to navigate the competitive real estate investment landscape, the addition of Walraven to its board could signal a strategic move to leverage his successful track record, potentially benefiting Sachem's own market performance and investment strategy.
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